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U.S. tire maker Goodyear loses dispute against foreign workers in Malaysia
  + stars: | 2021-06-10 | by ( Mei Mei Chu | ) www.reuters.com sentiment -1.00   time to read: +2 min
A logo of Goodyear is pictured at it's factory in Shah Alam, Malaysia May 6, 2021. Goodyear Malaysia argued that the migrant workers did not have legal standing to file the complaint as they were not union members, according to the court documents. "This is just the tip of the iceberg albeit a significant milestone in the treatment of migrant workers in this company," said the workers' lawyer Chandra Segaran Rajandran. The court has already ruled in favor of the foreign workers in two of the cases last year. Goodyear is also facing accusations of unlawful overtime, wrongful salary deduction, denying workers full access to their passports, and threats to migrant workers, Reuters has reported.
Persons: Lim Huey Teng, Goodyear, Rasidah Chik, Rasidah, Chandra Segaran Rajandran Organizations: Goodyear, REUTERS, Goodyear Tire &, Goodyear Malaysia, Industrial, Court, Reuters, Thomson Locations: Shah Alam, Malaysia, Malaysian, Goodyear Malaysia, Nepal, Myanmar, India
The Importance of Holding a Memorial—Readers Respond
  + stars: | 2021-06-08 | by ( Madison Conte | ) www.wsj.com + 0.00   time to read: +3 min
Amid the chaos and quarantine, people across the nation were unable to honor their loved ones at traditional funerals. A recent Wall Street Journal article by Clare Ansberry on the importance of holding memorials, even if delayed, prompted readers to share their own stories about the extended mourning process brought on by the pandemic. —Madison ConteWhile I was able to officiate at two Memorial services during Covid, nine more remain, the first of which was Saturday. I wonder how Covid is going to change long-standing cultural norms like formal weddings and funerals. All of those who attended agreed that the 15-month gap between her death and the gathering provided some valuable perspective.
Persons: Clare Ansberry, — Madison Conte, Louie, Jennifer, Rev, Dr, Louis Prues, Stephen Hauser, Betsy O’Connell, — Bryan Schmidt, — Mark Towler Organizations: Goodyear, Ariz Locations: Covid, St, Clair Shores, Mich, Willoughby Hills , Ohio, Arcadia, Okla
Reopening Bets Pay Off Big for Stock Pickers
  + stars: | 2021-05-31 | by ( Michael Wursthorn | ) www.wsj.com + 0.99   time to read: +1 min
Investors are amassing hefty gains by loading up on economically sensitive stocks that have flourished during this year’s explosion of business activity. More than two dozen actively managed exchange-traded funds have surged at least 20% so far this year, outpacing the S&P 500’s 12% climb. Some of the best performers include companies with smaller market capitalizations and so-called value stocks—those deemed inexpensive relative to measures of a company’s net worth. Primary holdings include Rent-A-Center Inc. and Toll Brothers Inc., which have both gained more than 50%. That includes steelmaker Nucor Corp. , which has gained 93% this year to lead the S&P 500 and Marathon Oil Corp. , which has climbed 82%.
Persons: Goldman Sachs Organizations: Inc, Toll Brothers Inc, Value, Goodyear Tire &, Co, Alcoa Corp, Corp, Marathon Oil Corp Locations: U.S
A woman sits at a bus stop outside Goodyear factory in Shah Alam, Malaysia May 6, 2021. The foreign workers are claiming about 5 million ringgit ($1.21 million) in unpaid wages, said their lawyer, Chandra Segaran Rajandran. According to the court ruling last year, Goodyear Malaysia argued that foreign workers are not entitled to the benefits of the collective agreement because they are not union members. The court agreed that the foreign workers’ job scope entitled them to those benefits. The foreign workers filed the first two lawsuits in July 2019.
Persons: Lim Huey Teng, Goodyear, payslips, Chandra Segaran Rajandran, , , Sharan Kumar Rai, Anna Ng Fui Choo Organizations: Reuters, Goodyear Tire &, Goodyear, REUTERS, Goodyear Malaysia, National Union of Employees, Manufacturing Rubber, Permodalan, Permodalan Nasional Berhad, Workers, Human Resources Ministry Locations: KUALA LUMPUR, Malaysian, Shah Alam, Malaysia, Nepal, Myanmar, India, Goodyear Malaysia, Permodalan Nasional, United States
The allegations, which Reuters is the first to report, initially surfaced when 185 foreign workers filed three complaints against Goodyear Malaysia in the country's industrial court, two in 2019 and one in 2020, over non-compliance with a collective labour agreement. The foreign workers are claiming about 5 million ringgit ($1.21 million) in unpaid wages, said their lawyer, Chandra Segaran Rajandran. According to the court ruling last year, Goodyear Malaysia argued that foreign workers are not entitled to the benefits of the collective agreement because they are not union members. The court agreed that the foreign workers' job scope entitled them to those benefits. The foreign workers filed the first two lawsuits in July 2019.
Persons: Goodyear, payslips, Chandra Segaran Rajandran, Sharan Kumar Rai, Anna Ng Fui Choo Organizations: Goodyear Tire &, Reuters, Goodyear, Goodyear Malaysia, National Union of Employees, Manufacturing Rubber, Permodalan, Permodalan Nasional Berhad, Workers, Human Resources Ministry, Thomson Locations: Malaysian, Nepal, Myanmar, India, Goodyear Malaysia, Malaysia, Permodalan Nasional, United States
Malaysia's Supermax says abiding by labour laws after report on U.S. probe
  + stars: | 2021-05-31 | by ( ) www.reuters.com sentiment -0.99   time to read: +2 min
Malaysian glove maker Supermax Corp (SUPM.KL) on Monday said it adhered to labour laws on treatment of migrant workers, after a report that the United States was investigating a unit over forced labour allegations. On Saturday, the Edge Weekly said U.S. Customs and Border Protection (CBP) is investigating Malaysian glove makers Hartalega Holdings (HTHB.KL) and a unit of Supermax. read moreSupermax and its subsidiaries are committed to combatting forced labour and adhere to labour law regulations, the company said in a statement. Hartalega also said on Saturday it strictly adhered to labour laws and regulations on recruitment of migrant workers, and its efforts to combat forced labour are guided by local and international policies. Top Glove said in April it has resolved all indicators of forced labour found at its factories.
Persons: Hartalega Organizations: Supermax, Edge Weekly, Customs, Border Protection, Hartalega Holdings, CBP, Reuters, Goodyear Tire &, Thomson Locations: United States, Malaysian
A Maritime Solution for Cyber Piracy
  + stars: | 2021-05-13 | by ( Thomas Ayres | ) www.wsj.com + 0.00   time to read: +2 min
The Constitution gives Congress the power to issue “letters of marque and reprisal”—essentially licenses authorizing private parties to wage war on the government’s behalf. Congress issued letters of marque liberally until the end of the War of 1812, and they were particularly useful during the First Barbary War (1801-05). Letters of marque enlisted U.S. merchantman as far away as the Mediterranean, where Barbary states often provided pirate ships with safe harbor. The time has come to grant letters of marque to enlist and arm private corporations to defend their interests and America’s. Like their 19th-century maritime counterparts, they respect no sovereignty and disrupt commerce and daily life.
Persons: ” —, Tom Burt, Organizations: Goodyear, Resolute, Congress, U.S, Microsoft, National Security Agency Locations: Pearl, U.S, Los Angeles, Russia, China, United States
The Biden administration on Wednesday called for a probe into allegations that worker rights were denied at GM's Silao pickup truck plant during the vote to ratify workers' collective contract with the Confederation of Mexican Workers (CTM). Mexican President Andres Manuel Lopez Obrador on Thursday said he accepted the U.S. recommendation to make sure there would be no fraud in union votes. read moreA ministry report into the vote, reviewed by Reuters, shows that 1,784 workers cast ballots against keeping the CTM contract, while 1,628 workers voted to maintain it. It declined to comment on the Labor Ministry report. If GM workers scrap their contract, either the CTM or a new union could negotiate new collective terms.
Persons: Rebecca Cook, Biden, Andres Manuel Lopez Obrador, Lopez Obrador, Alfonso Bouzas, Bouzas, CTM's Miguel Trujillo Lopez, Tereso Medina, Medina, Hugo Varela, El Sol Organizations: General Motors, REUTERS, General Motors Co, Confederation of Mexican Workers, Institutional Revolutionary Party, Reuters, Labor Ministry, Mexico's National Autonomous University, American Free Trade, GM, Workers, Goodyear Tire &, La Jornada, El Sol de Leon, Thomson Locations: Detroit , Michigan, U.S, Mexico, United States, Canada, Matamoros, Medina, Guanajuato
Mexico union was losing scrapped GM worker vote - report
  + stars: | 2021-05-13 | by ( Daina Solomon | ) www.reuters.com + 0.00   time to read: +3 min
General Motors Co (GM.N) workers in Mexico were on track to defeat one of the country's biggest unions in a contract vote last month that has prompted U.S. action under the countries' trade deal, a Mexican government report shows. The Biden administration on Wednesday called for a probe into allegations that worker rights were denied at GM's Silao pickup truck plant during the vote to ratify workers' collective contract with the Confederation of Mexican Workers (CTM). read moreMexico's labor ministry said on Tuesday it had found "serious irregularities" in April's union-led vote by the plant's 6,000 union workers and ordered a new vote within 30 days. read moreA ministry report into the vote, reviewed by Reuters, shows that 1,784 workers had cast ballots against keeping the CTM contract, while 1,628 workers had voted to maintain it. If GM workers scrap their contract, either the CTM or a new union could negotiate new collective terms.
Persons: Biden, Alfonso Bouzas, Bouzas, CTM's Miguel Trujillo Lopez, Tereso Medina, Medina Organizations: Motors Co, Confederation of Mexican Workers, Institutional Revolutionary Party, Reuters, Mexico's National Autonomous University, GM, Workers, Goodyear Tire &, La Jornada, Thomson Locations: Mexico, United States, Canada, Matamoros, Medina
Goodyear CEO on Q1 earnings, investing in tech, tariffs and rubber shortage
  + stars: | 2021-05-04 | by ( ) www.cnbc.com + 0.56   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGoodyear CEO on Q1 earnings, investing in tech, tariffs and rubber shortageGoodyear Tire & Rubber CEO Rich Kramer joined Jim Cramer on "Mad Money" to discuss results from the tire manufacturing company's better-than-expected results from the first quarter and his outlook for business.
Persons: Rich Kramer, Jim Cramer Organizations: Goodyear, Goodyear Tire &
Goodyear Tire & Rubber CEO Rich Kramer told CNBC Tuesday that he doesn't expect a looming shortage in rubber to hurt the tire manufacturer. Concerns over a low supply of rubber, made from rubber trees mostly grown in Southeast Asia, is the latest problem facing automakers already struggling with a lack of semiconductors. When asked if the company has enough of the material to produce tires for cars, Kramer said, "short answer is: We do." "It's something that's always out there, a lot of speculation going on," he added. "I can never say never about something that could happen to southeast Asian rubber trees, but that's really not been a problem for us, and the team's been managing it brilliantly."
Persons: Rich Kramer, Kramer, Jim Cramer, that's Organizations: Goodyear Tire &, CNBC, Goodyear Locations: Southeast Asia, China
Goodyear CEO says company is not worried about potential rubber shortage
  + stars: | 2021-05-04 | by ( ) www.cnbc.com sentiment -0.87   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGoodyear CEO says company is not worried about potential rubber shortageGoodyear Tire & Rubber CEO Rich Kramer dismissed fears that a shortage in the supply of rubber could impact the tire business, blaming the issue on speculation and China's practices.
Persons: Rich Kramer Organizations: Goodyear, Goodyear Tire &
Goodyear Tire results top estimates as auto demand rebounds
  + stars: | 2021-04-30 | by ( Reuters Staff | ) www.reuters.com + 0.94   time to read: +1 min
FILE PHOTO: A U.S. flag flies at a Goodyear Tire facility in Somerville, Massachusetts, U.S., July 25, 2017. REUTERS/Brian Snyder/File Photo(Reuters) -Goodyear Tire & Rubber Co posted quarterly profit and revenue that beat Wall Street estimates on Friday, as sales of its tires rose due to a rebound in auto demand. U.S. auto demand, however, has risen since then, as consumers focus on personal safety and opt for private vehicles during the COVID-19 pandemic. The company, whose brands include Kelly and Dunlop, said tire volumes rose 12% to 35 million units in the quarter, while replacement tire volumes jumped 14%. Excluding items, the company earned 43 cents per share, beating estimates of 9 cents, according to Refinitiv data.
Persons: Brian Snyder, , , Richard Kramer, Kelly, Dunlop Organizations: Goodyear Tire, REUTERS, Goodyear Tire &, Wall, Goodyear Locations: Somerville , Massachusetts, U.S
Goodyear Tire tops revenue estimates on replacement tire demand
  + stars: | 2021-04-30 | by ( ) www.reuters.com + 1.00   time to read: +1 min
A U.S. flag flies at a Goodyear Tire facility in Somerville, Massachusetts, U.S., July 25, 2017. REUTERS/Brian Snyder/File PhotoGoodyear Tire & Rubber Co (GT.O) topped Wall Street estimates for quarterly revenue on Friday, boosted by demand for its replacement tires, sending shares up nearly 3%. By leveraging improved distribution and new products, we outperformed the industry," said Goodyear Chief Executive Officer Richard Kramer. Goodyear said tire volumes rose 12% to 35 million units in the quarter, while replacement tire volumes jumped 14%. Net sales rose 14.9% to $3.51 billion, beating estimates of $3.40 billion, according to Refinitiv data.
Persons: Brian Snyder, Richard Kramer, Goodyear Organizations: U.S, Goodyear Tire, REUTERS, Goodyear Tire &, Goodyear, Thomson Locations: Somerville , Massachusetts, U.S, United States
But beyond his personal consumption of the fizzy beverage, Trump should — in theory — have the power to organize a boycott of Coke at his family business' properties. At Doral, the CNN reporter spotted a case of Diet Coke bottles opened and ready for use behind the eponymous Donald J. Trump ballroom. It is possible that Trump properties can't dump Coke because they are contractually obligated to offer it. But the hypocrisy of Trump calling on people who trust him to shun Coke while continuing to sell its drinks at Trump properties should not be taken lightly. Coca-Cola KO declined to comment on the boycott and its relationships with Trump Organization properties.
Persons: Donald Trump, Trump, Coke, sipped, Matt Gaetz, Donald J, couldn't, Jean, Georges Nougatine, Robb Seltzer, Georges, Rohit Deshpande, Harley, Davidson, JPMorgan Chase, Merck, Goya, Reed, CNN's Donie O'Sullivan, Lucy Kafanov Organizations: CNN, Coke, Trump, Trump International Hotel, Washington D.C, Trump National Doral, Staff, Trump Organization, Rosen, of Hospitality Management, University of Central, Republican Party, Harvard Business School, Facebook, Goodyear Tire GT Trump, Major League Baseball, . Delta Airlines, JPMorgan, Citigroup, Cisco, UPS, Americus Reed, University of Pennsylvania's Wharton School of Business Locations: York, Delta, Lago, Washington, Miami, Doral, Las Vegas, Trump, New York, Charlotte, New York City, University of Central Florida, Washington ,, Coke, ViacomCBS, Americus, Georgia
Google cofounder Sergey Brin is building a secretive airship company called LTA. Brin was inspired by the USS Macon, a massive airship built by the US Navy in the 1930s. If Sergey Brin has anything to do with it, the future of humanitarian aid could come in the form of giant airships roaming the skies. Brin, the Google cofounder worth over $99 billion, has been working on a secretive airship company for over four years. An LTA airship could take to the skies in 2021TechCrunch reports that LTA has already built a prototype aircraft called Pathfinder 1.
Persons: Sergey Brin, Brin, Fabrizio Gandolfo, Larry Page, Ashlee Vance, Ames, Ames that's, Page, Mark Harris, Damian Dovarganes, Madeline Wells, Hindenburg, Organizations: USS, US Navy, Research, NASA's Ames Research Center, Boeing, Gulfstream, Wall Street, Google, Moffett Field, Bloomberg, Ames Research Center, LTA, NASA, Guardian, Goodyear, TechCrunch Locations: USS Macon, Francisco, View , California, Macon, San Francisco, Moffett, Los Angeles, Mountain View, Akron , Ohio
A TuSimple Truck. Two of Cathie Wood's ARK ETFs picked up over 3 million combined shares of TuSimple Thursday. Cathie Wood bought more than 3 million shares of the self-driving truck company TuSimple Holdings on its public debut Thursday. The ARK Autonomous Technology & Robotics ETF also added some 728,536 shares of TuSimple. TuSimple raised $1.35 billion in its IPO this week, selling almost 34 million shares for $40 each.
Persons: Cathie Wood, TuSimple, Cathie, Xiaodi Hou Organizations: TuSimple Holdings, Nasdaq, Innovation, Autonomous Technology & Robotics, Ark Invest, California Institute of Technology, Volkwagen, Goodyear Ventures, US Postal Service, Aeva Technologies, Autonomous Freight Network Locations: San Diego , California, TuSimple, Phoenix, Houston
Republicans are threatening to punish corporations that have spoken out against voter suppression laws with tax hikes and boycotts. Major League Baseball also pulled an All Stars game from the state last week in protest at the law. Prominent Republicans, including Sen. Josh Hawley, Sen. Mike Lee and Donald Trump Jr have advocated stripping the MLB of its status as a sport and not a business under anti-trust laws. Former President Donald Trump in a statement last week called for supporters to boycott corporations including Coca Cola and Delta. Among Donald Trump's key policies was a huge 2017 corporate tax cut passed by the then-GOP-controlled Congress.
Persons: Mitch McConnell, McConnell, Sen, Josh Hawley, Mike Lee, Donald Trump, Marco Rubio, Rodney Anderson, Donald Trump's, Trump Organizations: Republicans, American Airlines, Georgia GOP, Delta Air Lines, GOP, Major League Baseball, Dell, Politico, Georgia's GOP, MLB, Coca Cola, Dallas Republican Party, Republican Party, Goodyear Locations: Georgia, Texas, America
And, eventually, these technologies will become widespread, said TJ Campbell, tire information and testing manager at the online retailer Tire Rack, because the information tires can provide is so critical. The app might recommend the driver increase or decrease tire air pressures or it could warn of leaks. The app might recommend the driver increase or decrease tire air pressures or itcould warn of leaks. Performance of a different sort is even more critical for the 14-foot tall tires used on mining trucks. As tires wear, smart tire systems can allow ABS computers in the car to automatically adjust as tire treads wear out, tire companies say.
Persons: TJ Campbell, McLaren, McLaren's, Brian Goldstine, Goldstine, Pierangelo Misani, We've, Chris Helsel, Goodyear, Goodyear's Helsel, Campbell Organizations: CNN, Pirelli, Porsche, Bridgestone, Goodyear, Tire Locations: York
Blimps were once at the forefront of aviation innovation. But as the airplane quickly took over the age of aviation, blimps and airships faded from widespread use. "Everybody talks about the Hindenburg crash being the end of the airship," said Dan Grossman, aviation historian, in an interview with CNBC. There are companies looking to bring back blimps as sustainable ways to transport cargo. "We're building a segment of the transport industry that doesn't exist ... that has never existed," said Romain Schalck, Flying Whales communication manager, in an interview with CNBC.
Persons: Dan Grossman, Romain Schalck Organizations: CNBC, Goodyear, FAA, Whales, Aviation Industry Corporation of China Locations: U.S, United States, Quebec
Manufacturers split with Mr. Trump on immigration policy and, most notably, trade, opposing tariffs that Mr. Trump began to impose in 2018. In the spring, Mr. Trump named Mr. Timmons to an industry group advising the administration on reopening the economy safely in the pandemic. Mr. Trump was encouraging the protests and demanding the lifting of government restrictions on activity, but at the time, Mr. Timmons declined to criticize him publicly. On Jan. 4, the group denounced efforts by Mr. Trump and congressional Republicans to challenge certification of Mr. Biden’s victory. Mr. Timmons said the attacks at the Capitol violated the association’s core values.
Persons: Trump, Timmons, “ I’m, , Mr, Biden, midafternoon, Pence, Johnson Organizations: Mr, Facebook, Republicans, Capitol, Pfizer, Johnson, Toyota, Dow Inc, Caterpillar, Goodyear Tire, Emerson Electric Locations: America
The company's shares rose 3.8% in premarket trading as of 7:35 a.m. Micron Technology (MU) – Micron reported quarterly earnings of 78 cents per share, 7 cents a share above estimates. Micron's shares rose 3.5% in the premarket. PriceSmart (PSMT) – PriceSmart reported quarterly earnings of 90 cents per share, beating the 68 cents a share consensus estimate. Sales rose more than 8% as customers continued to stock up on staples amid the pandemic.
Persons: Tesla, Elon Musk, – Sarepta, Chris Krebs, Alex Stamos, NIU, – Niu, – PriceSmart, Volterra, MicroStrategy Organizations: Facebook, Micron Technology, – Micron, Micron, Boeing, – Boeing, Justice Department, Sarepta Therapeutics, Apple, Hyundai, Pfizer, BioNTech, U.S, Technologies, F5 Networks, – F5 Networks, Goodyear Tire, Goodyear, RBC Capital Markets Locations: China, KeyBanc
The Wall Street firm said Chipotle has "multiple levers" in place to drive outperformance. U.S. Steel — Shares rallied nearly 13% after an analyst at Deutsche Bank upgraded the steel producer to buy from sell. The Wall Street firm is bullish on JetBlue's leisure-oriented business on the back of a vaccine-driven economic recovery. Plug Power — Shares of the hydrogen fuel cell company jumped more than 14%, accelerating Thursday's 35% gain. Goodyear Tire — The tire company jumped more than 6% following an upgrade to overweight at KeyBanc.
Persons: Tesla, Refinitiv, TripAdvisor, Chipotle, Raymond James, Yun Li, Maggie Fitzgerald, Fred Imbert, Jesse Pound Organizations: Facebook, ISI, Micron —, Micron, Deutsche Bank, Therapeutics, . Steel —, Steel, JetBlue, Bank of America, CVS, Jefferies, South Korea's SK Group, F5, Volterra, Goodyear Tire, CNBC PRO Locations: ., COVID
Cramer's lightning round: 'I think General Motors is radically undervalued'
  + stars: | 2020-12-22 | by ( Tyler Clifford | ) www.cnbc.com sentiment -0.99   time to read: 1 min
Salesforce: "Salesforce, up big today and yet it still has a lot more to go." General Motors: "I think General Motors is radically undervalued." Enterprise Products Partners: "You're not going to get better than that, which just shows you exactly how bad that business is. Hyliion: "I don't know why it didn't catch fire today with the electric companies. I don't now what's going on, it better catch fire soon, or people are going to get bored."
Persons: you've, Kevin, Conroy Organizations: Enterprise Products Partners, Goodyear Tire &
Cofounders Nolan Walsh and Connor Wilson said that building a reputation for quality has been the most important part of their business. Thursday Boot Company co-founder and executive chairman Connor Wilson remembers calling up the owner of a boot factory when he was setting up his direct-to-consumer boot brand. "That's the problem in a nutshell," Wilson told Business Insider. But starting up a boot company would mean entering into competition with well-established brands. Wilson and Walsh spoke to Business Insider how they built a reputation for quality.
Persons: Cofounders Nolan Walsh, Connor Wilson, Wilson, We've, Wade, Nolan Walsh, Walsh, Max Jungreis Organizations: Boots, Thursday Boot Company, Business, Columbia University, Goodyear welt, Red, Chippewa, Goodyear, Twitter Locations: Central America, Pastores, Guatemala, Red Wing
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